Construction Loans

1.    Line Item Budget: I have attached a sample of a line item budget for use in detailing the exact costs of the various line items of work of a project. This spreadsheet format also allows the lender to track the various draw requests and determine the various percentages of completion on each line item of work. There was a scope of work provided by Concrete Solutions which is appreciated but not able to be used to compare costs of line items of work. Any construction lender anywhere would require a line item budget for lending on a construction project.
2.    Description of Materials: Any information that can be provided on the selection of materials or finishes will allow us to compare apples to apples in our cost analysis. Knowing your selections for finishes will allow us to know that you are using Viking or GE appliances, Kohler or American Standard fixtures, Anderson or Pella Windows, Hardwood or Linoleum floors,  Asphalt or Concrete Driveways, Plaster or Stucco, etc…We are unable to go to the other site to see the finishes that you had selected to use for this one. I have attached a sample of Description of Materials being used by LHJS for your use.
3.    Sub-Contractor Estimates: Are there any estimates from sub-contractors that can be reviewed that supports the line item costs being proposed. Just a few will assist us with the analysis getting done quicker. Is there any grading work occurring for the landscaping or wading pool work?
4.    Contractor Agreement: Another part of our analysis also takes a look at the general contractors contract for the work to be completed. This ensures the lender that the contract amount and the loan amount are in line with each other and that the contractor is under contract to build what the lender has agreed to.
5.    Submittal Set of Plans:  A complete set of drawings stamped APPROVED by the local agency would be nice to have for the analysis. We have compiled a set of drawings from the information forwarded to us that has 63 pages, is this the correct amount of plan sheets? Are these the 63 pages that were submitted to the local agency?
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